The boss of The Body Shop’s prospective new buyer has revealed that the business should emerge from administration in August.
Former Molton Brown CEO Charles Denton, who leads beauty industry tycoon Mike Jatania’s Auréa consortium, which entered an exclusivity agreement with the chain’s administrators FRP earlier this week, is understood to be planning to retain all of its existing UK stores.
Posting on LinkedIn, Denton said: “Over the next few weeks, we’ll work together to develop a strategic plan that sets up the business for long-term growth.
“If everything plays out as intended, we should emerge from administration in August.”
He added: “It’s time to change the narrative around this powerful brand which is loved all over the world. I am optimistic about the future and look forward to what we can achieve together.”
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A joint statement from the administrators of The Body Shop International, FRP, and Auréa group earlier this week said: “Following a competitive bidding process, the joint administrators of The Body Shop International have now entered into an exclusivity agreement with a consortium led by Auréa group.
“While the deal is not yet complete, we believe the combined experience of the consortium, together with the existing management team, represents the best outcome for creditors and will ultimately ensure the long-term success of The Body Shop.”
It added: “A period of due diligence will now take place, with the intention to complete the transaction in the coming weeks.”
The move comes after The Body Shop fell into administration in February, just months after being acquired by private equity firm Aurelius.
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